The Importance of Having a Will

Having a will can ultimately provide you with peace of mind, knowing that your assets will be distributed as you wish when you are no longer here. There are also some important reasons why it is important to have a valid up-to-date Will in place.

Here are my top 10 reasons for writing a will:

Where the spouse/civil partner does not necessarily inherit the house. For example, where the family home is not owned as joint tenants or by one spouse alone.

Unmarried partners and dependants do not have an automatic right to inherit under intestacy. A Will ensures that they are not left in financial difficulty or even homeless.

Those who have re-married and have children from an earlier marriage, who may not benefit under intestacy.

To avoid unnecessary Inheritance Tax (IHT). This may be the case where intestacy rules distribute the deceased’s estate to people other than their spouse, and this value exceeds the nil rate bands which can lead to unexpected IHT bills

To manage assets for those who may be considered too young to inherit, not trusted to manage for themselves, or who cannot care for themselves.

To appoint guardians to look after minor children.

To avoid money going to a bankrupt person or someone who may be in the process of a divorce.

Donations to favourite charities.

To benefit individuals who are not related.

To ensure advantage can be taken of the Main Residence Nil Rate Band – this alone can be worth up to £140,000 from April 2020 onward.